Money Matters
Dani_Love
member
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Our tech team has launched updates to The Nest today. As a result of these updates, members of the Nest Community will need to change their password in order to continue participating in the community. In addition, The Nest community member's avatars will be replaced with generic default avatars. If you wish to revert to your original avatar, you will need to re-upload it via The Nest.
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Note: This only affects The Nest's community members and will not affect members on The Bump or The Knot.
Our tech team has launched updates to The Nest today. As a result of these updates, members of the Nest Community will need to change their password in order to continue participating in the community. In addition, The Nest community member's avatars will be replaced with generic default avatars. If you wish to revert to your original avatar, you will need to re-upload it via The Nest.
If you have questions about this, please email help@theknot.com.
Thank you.
Note: This only affects The Nest's community members and will not affect members on The Bump or The Knot.
In over my head.
Hi Ladies,
I am looking for advice. DH and I have recently gotten behind on most of our bills due to health issues and loss of some income. I'm trying to get myself back on track, everything seems to be covered on paper but then during the month it just doesn't work out. Something is always late, or missed, or has to be skipped and I'm snowballing. Please tell me what you need to know to help me. I'll lay it all out! I've never been this behind in my life and it's really bothering me.
Re: In over my head.
Do to cash only - no credit card use - you cannot spend what you do not have. (some like the envelope method)
Read Dave Ramsey's Total Money Makeover - lots of basic tips for getting out of debt
Hang in there - you can do this?
Have anything you can sell that you no longer need/use? Can you get second PT jobs (seasonal, waitress, babysitting, etc) and apply that to your debt?
Consider these changes:
Cut non essential spending - new clothes (wear last years items), cell phones - talk only unless more is required by work, personal care - haircuts only - no color or extras, look at eliminating cable, internet or reduce coverage, examine insurance policies and look at possible changes to reduce premium, take your lunch to work - no eating out, meal plan around weekly specials at the grocery store, entertainment - invite friends over for a movie /game/pot luck night rather than $$ on the town. etc Christmas - keep it very simple and low cost. How much you spend is not indicative of how you fee about someone.
Examine every expense and if you NEED it - then see if you can get it for less - on sale/clearance/ used/borrow it
If you haven't done so already, any medical bills you have left, call and make payment arrangments on those. Medical offices don't charge interest & as long as you stick to the payment arrangements agreed to, they won't turn you over to a collection agency either. This may give you a little breathing room.
My other recommendation is for your utilities, if you aren't already, see if you can get yourself put onto a budget program. They average out your annual use to determine your monthly bills. I love it because I know exactley how much to expect each month and don't have to worry about the high gas bills in the winter because I've basically gotten ahead in the summer paying the same amount when the usage was lower.
Another recommendation is to shop around for insurance, not just auto but home/renters too. We did that this past year and between changing auto & home, we're saving $500.00 a year, that's huge.
The above items are great ways to make your financial life easier, even once you are back on track.
ETA: you pay $70 a month for pest control?!
My car loan is at 2.99% with a monthly payment of $200.
I'd also start meal planning and send your H with a strict list. I hate to generalize, but when mine shops unguided it's truly amazing the stuff he comes up with (lobster! $8 olives!)
Definitely try to refinance the car! That should be an easy one. Depending on how old/healthy you are, it's also possible you could do better on life insurance.
Find a budget system that works for you-sounds like Mint isn't it. I just use an Excel spreadsheet, and some use pen and paper or Google docs. Just pick something you can really stick to.
Your internet cost would be good for my area, but definitely shop around and threaten to leave if multiple companies service your area.
I think your best course of action is to buckle down, track every penny, and start a debt snowball. You have a lot of little payments, so the faster you can free up cash flow the better off you'll be.
For cell phones if you want to get creative look into Republic Wireless. My H won't consider it (no iPhones) but it's supposed to be the cheapest possible way to have a smart phone.
I actually wouldn't drop Hulu and Netflix; you need something for fun and it wouldn't make a huge difference. If you already have a computer, you could use that for Netflix and watch Hulu on the tv.
When buying a car, finance NO LONGER than THREE years. If you need to go longer to afford the payment, then you are buying too much car for your budget.
I saw an ad the other day for a car loan 84 months! That is 7 years. People - just because you can do something does not make it a good or right choice to do it.